Merced VA Loan Rates, Closing Costs & Stats

MERCED, CA

A VA loan is a mortgage loan that’s backed by the Department of Veterans Affairs (VA) for those who have served or are presently serving in the U.S. military. The VA does not directly lend, it guarantees the loans made by private lenders to veterans, active military personnel, and qualifying military spouses.

The most obvious benefit of VA loans is that no downpayment is necessary to purchase a home. They will also typically have significantly lower fees-- meaning that if you're eligible to receive a VA loan, it will likely be the most favorable option. VA loans come in 3 varities: purchase, refinance and cash out refis.

For additional benefits of VA loans, click here.

Merced's 39 lenders originated 120 VA loans during 2023. The total origination value was $46,350,000, with an average VA loan value of $386,250.

Merced VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Merced averaged 5.71% for the week of 2024-10-11, compared to the national average (all VA variants) of 5.854% for the same period.

Merced's average VA mortgage closing costs are $6,578.

The average rate for the prior week (2024-10-04) was 5.78% and one month ago for the week of 2024-09-06, the average rate was 5.97%.

The average rate one year ago was 7.24%.

For refis of the same type during the week of 2024-10-11, the average rate was 5.64%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Merced VA Loan Lenders by Rates & Fees

The below table looks at the average fees/closing costs and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Merced level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
UNITED WHOLESALE MORTGAGE, LLC 19 6.11% $11,768
AMERICAN FINANCIAL NETWORK, INC. 12 6.73% $9,366
Mortgage Research Center, LLC 10 6.58% $6,940
QUICKEN LOANS, LLC 10 6.43% $11,133
LOANDEPOT.COM, LLC 5 5.47% $20,465
FREEDOM MORTGAGE CORPORATION 5 6.75% $15,619
DHI MORTGAGE COMPANY, LTD. 5 5.65% $7,903
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 4 5.75% $9,392
CARDINAL FINANCIAL 4 6.66% $16,747
NAVY FEDERAL CREDIT UNION 4 5.75% $3,985
CROSSCOUNTRY MORTGAGE, LLC 3 5.75% $9,847
VILLAGE CAPITAL MORTGAGE 2 6.88% $7,657
Century Mortgage Company DBA Century Lending Company 2 6.25% $18,443
INSPIRE HOME LOANS INC. 2 5.38% $3,505
Lakeview Community Capital, LLC 2 5.69% $14,635
Mr. Cooper ( Nationstar Mortgage ) 2 5.81% $14,239
NEW DAY FINANCIAL, LLC 2 7.49% $13,389
ACADEMY MORTGAGE CORPORATION 2 6.00% $7,995
Equity Prime Mortgage LLC 1 6.50% $18,910
TOP FLITE FINANCIAL, INC. 1 6.75% $17,643
Nations Lending Corporation 1 5.75% $13,261
ENVOY MORTGAGE, LTD 1 6.75% $11,721
NETWORK CAPITAL FUNDING CORPORATION 1 5.25% $8,731
AMERICAN PACIFIC MORTGAGE CORPORATION 1 5.13% $5,164
OCMBC, INC. 1 7.13% $10,267
PACIFIC RESIDENTIAL MORTGAGE, LLC 1 7.13% $4,482
PANORAMA MORTGAGE GROUP, LLC 1 7.25% $20,427
Paramount Residential Mortgage Group, Inc. 1 6.75% $3,598
PENNYMAC LOAN SERVICES, LLC 1 5.13% $26,319
PENTAGON FEDERAL CREDIT UNION 1 5.38% $5,490
PLAZA HOME MORTGAGE, INC. 1 5.75% $19,464
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.25% $7,478
DIRECTIONS EQUITY, LLC 1 6.25% $9,546
RESIDENTIAL BANCORP 1 6.63% $24,719
SCENIC OAKS FUNDING, INC. 1 5.50% $13,966
The Federal Savings Bank 1 6.75% $13,928
GUARANTEED RATE, INC. 1 5.65% $10,857
Magnolia Bank 1 6.13% $12,835
MASON MCDUFFIE MORTGAGE CORPORATION 1 5.75% $11,153

The top Merced VA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 19 VA loans originated. Their average total fees are $11,768, which is $2,402 higher than the next largest lender, AMERICAN FINANCIAL NETWORK, INC..

The lowest fee Merced VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($6,940), AMERICAN FINANCIAL NETWORK, INC. ($9,366), QUICKEN LOANS, LLC ($11,133), UNITED WHOLESALE MORTGAGE, LLC ($11,768) and .

The lowest rate Merced VA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.11%), QUICKEN LOANS, LLC (6.43%), Mortgage Research Center, LLC (6.58%), AMERICAN FINANCIAL NETWORK, INC. (6.73%) and .

VA Loan Features

  • No down payment required
  • Negotiable and competitive interest rate.
  • Ability to finance the VA funding fee (plus reduced funding fees with a down payment of at least 5 percent and exemption for veterans receiving VA compensation).
  • VA rules limit the amount you can be charged for closing costs.
  • Closing costs are comparable with other financing types (and may be lower).
  • Closing costs may be paid by the seller.
  • No private mortgage insurance premiums are required.
  • An assumable mortgage.
  • Right to prepay your mortgage without penalty.
  • For homes inspected by VA during construction, a warranty from builder and assistance from VA to obtain cooperation of builder.
  • VA assistance to veteran borrowers in default due to temporary financial difficulty.